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The Impact of the Fisc on Macroeconomic Fluctuations in Bulgarian Economy

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  • Maria Neycheva

Abstract

The role of discretionary fiscal policy and automatic budget stabilisers on macroeconomic fluctuations in the Bulgarian economy during the last ten years is analysed. Descriptive and econometric analyses based on aggregate components of the consolidated state budget are presented. Discretionary changes are evaluated through the dynamics of the primary structural budget balance. Results confirm conclusions in the empirical literature concerning the pro-cyclic role of governmental expenditures in transition and developing economies.

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Bibliographic Info

Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2005)
Issue (Month): 3 ()
Pages: 42-59

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Handle: RePEc:bas:econth:y:2005:i:3:p:42-59

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  1. King, R.G. & Baxter, M., 1990. "Fiscal Policy In General Equilibrium," RCER Working Papers 244, University of Rochester - Center for Economic Research (RCER).
  2. Peter Brandner & Leopold Diebalek & Helene Schuberth, 1998. "Structural Budget Deficits and Sustainability of Fiscal Positions in the European Union," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 26, Oesterreichische Nationalbank (Austrian Central Bank).
  3. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(3), pages 473-91, June.
  4. Benczúr, Péter & Rátfai, Attila, 2005. "Economic Fluctuations in Central and Eastern Europe: The Facts," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4846, C.E.P.R. Discussion Papers.
  5. Linnemann, Ludger & Schabert, Andreas, 2004. "Can fiscal spending stimulate private consumption?," Economics Letters, Elsevier, Elsevier, vol. 82(2), pages 173-179, February.
  6. Catriona Purfield, 2003. "Fiscal Adjustment in Transition : Evidence from the 1990s," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 39(1), pages 43-62, January.
  7. Nigel Andrew Chalk, 2002. "Structural Balances and All That," IMF Working Papers, International Monetary Fund 02/101, International Monetary Fund.
  8. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  9. Fabrizio Balassone & Maura Francese, 2004. "Cyclical asymmetry in fiscal policy, debt accumulation and the Treaty of Maastricht," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 531, Bank of Italy, Economic Research and International Relations Area.
  10. Dalia Grigonyté, 2003. "Impact of Currency Boards on Fiscal Policy in Central and Eastern European Countries," Economic Change and Restructuring, Springer, Springer, vol. 36(2), pages 111-133, June.
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